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The Economic Times

Economy / The Economic Times

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'$95 for 2 months' US agency predicts prolonged conflict

Brent is up 27% since the start of the war as the Strait of Hormuz is effectively shut and some oil production in the region has been curtailed. We make the assumption in our modelling that the effective closure of the Strait of Hormuz will cause oil production in the Middle East (West Asia) to fall further in the coming weeks. We assume this shut-in production will gradually ease as transit through the Strait resumes, the EIA, the primary federal authority in the US for energy statistics, said in its short-term energy outlook.

12 Mar 2026 12:44 am